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Dec 18, 2012
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>> what you left out -- excuse me, steve, may i finish the sentence? you went -- the president went from 970 before the election to 1600 after the election. now you're reporting not from the 970 to 1600. the second fact that was left out of the presentation was that to get to the revenue numbers there's a tax line that was neglected which is the 28% rate on itemized deductions which affects charity, which affects state and local taxes, and the value of the -- >> but i think it's fair to say that there has been movement. what everybody is saying around the table and what senator corker has said, there has been movement. we are not at some standoff. we are no longer talking necessarily but maybe we're mischaracterizing in saying we are no longer talking about ideological points. >> let me just say to becky, who seems to always be the most sane one, my respects to all of you, but i think -- i think the fact that we've moved away from the idealism is correct. ideology. and i think that is a healthy place for us to be in solving this problem. unfortunately,
>> what you left out -- excuse me, steve, may i finish the sentence? you went -- the president went from 970 before the election to 1600 after the election. now you're reporting not from the 970 to 1600. the second fact that was left out of the presentation was that to get to the revenue numbers there's a tax line that was neglected which is the 28% rate on itemized deductions which affects charity, which affects state and local taxes, and the value of the -- >> but i think it's...
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Dec 5, 2012
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steve, no dolphins -- i thought dolphins -- how many games did you lose? >> well, we've lost seven games. >> you won a few good games. >> at the end of the day, you're in the business to win. you don't like being under 5-7 isn't exactly -- >> have you talked to woody? >> woody is one guy who will make me feel better. >> new york is a lousy place if you're not winning. >> to stink. >> any place is a lousy place if you're not winning. >> exactly, in january i'd rather be losing in miami than in new york. >> that's because you don't own the team. >> thank you very much. >> thank you. pleasure being here. >>> when we come back. we have a lot still to come. steny hoyer on the fiscal cliff talks. then at 8:15 eastern, we have the adp numbers. mark zandi is here to talk through the market reaction. >>> 8:40 eastern, jeffrey solomon will be stopping by. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one
steve, no dolphins -- i thought dolphins -- how many games did you lose? >> well, we've lost seven games. >> you won a few good games. >> at the end of the day, you're in the business to win. you don't like being under 5-7 isn't exactly -- >> have you talked to woody? >> woody is one guy who will make me feel better. >> new york is a lousy place if you're not winning. >> to stink. >> any place is a lousy place if you're not winning. >>...
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Dec 6, 2012
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conversation with our steve liesman. in corporate news, the apple coming off its worst day ofs losses this almost four years. u.s. equity futures, though, not too bad so far today. indicated up about 15 points. today is thursday, december 6th, penultimate day before the day of infamy. "squawk box" begins right now. >> welcome to "squawk box." i'm becky quick along with joe kernen. andrew ross sorkin is on vacation this week. onset with us is drew mattis. welcome. thanks for getting up early. >> i'm always up at this time. >> we'll be going through secretary geithner's comments, but first let's get you up to speed on other stories. joe was talking about apple. it has been a rough ten weeks for the most valuable u.s. company. shares tumbling more than 6% yesterday shedding $35 billion of market value. among the reasons cited by analysts, a forecast by an influential research firm suggesting that the iphone and ipad maker is continuing to give up ground it rival the android gadgets. there were also unconfirmed reports that
conversation with our steve liesman. in corporate news, the apple coming off its worst day ofs losses this almost four years. u.s. equity futures, though, not too bad so far today. indicated up about 15 points. today is thursday, december 6th, penultimate day before the day of infamy. "squawk box" begins right now. >> welcome to "squawk box." i'm becky quick along with joe kernen. andrew ross sorkin is on vacation this week. onset with us is drew mattis. welcome....
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Dec 12, 2012
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steve sedgwick -- steve sedgwick with more. steve? >> reporter: hey, just head the prompt. it's me in vienna. it does feel like winter, minus three here. but i can tell you that opec should be happy. it is producing nearly 31 million barrels a day. it's got brent over $108 a barrel. brent will be over $110 a barrel on average for 2012. for the first time ever. olympic making a trillion dollars in -- opec is making a trill dollars trillion dollars in oil. they're worry good oversupply going into 2013. they are concerned that the call on their oil is going to be less than 30 million barrels a day even though they're producing the best part of 31 million barrels ail day. surely they should be taking a little off the table if they want to keep it at current levels. the problem is they don't take any off the table officially. it would send out the wrong message politically. but there's a real concern that oecd inventories, the consuming, western nations, eventually got inventories above 59 days, which is the first time we've seen that in 2012. and it's above the average over the
steve sedgwick -- steve sedgwick with more. steve? >> reporter: hey, just head the prompt. it's me in vienna. it does feel like winter, minus three here. but i can tell you that opec should be happy. it is producing nearly 31 million barrels a day. it's got brent over $108 a barrel. brent will be over $110 a barrel on average for 2012. for the first time ever. olympic making a trillion dollars in -- opec is making a trill dollars trillion dollars in oil. they're worry good oversupply...
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Dec 19, 2012
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thanks, phil and steve. see, ralph, i can get in little digs. >> no prompting. >> no prompting, right. >> i'm having trouble making the math right. >> on the deal. >> how many years it takes $400,000 to equal a billion. >> don't ask me. ask your guy. he calls him that, anyway. >> we have been talking about that fiscal cliff. a lot of people watching what's happening in washington. negotiations continue and we are all trying to figure out what's happening at this point. house republicans have announced plan b, that's in case the talks fail. that plan b would move to pass their own tax bills and automatic budget cuts set to happen next month. actually, it would not avert the automatic budget cuts. that would still be in there. from everything we heard, the automatic sequestration budget cuts would continue. it would only avert the tax portion of that and extend low tax rates except on those with incomes a million dollars and above. president obama's latest position puts the threshold at $400,000. no one is exp
thanks, phil and steve. see, ralph, i can get in little digs. >> no prompting. >> no prompting, right. >> i'm having trouble making the math right. >> on the deal. >> how many years it takes $400,000 to equal a billion. >> don't ask me. ask your guy. he calls him that, anyway. >> we have been talking about that fiscal cliff. a lot of people watching what's happening in washington. negotiations continue and we are all trying to figure out what's...
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steve mcmahon, purple strategies. when the cameras aren't rolling, you love and respect leader armey. >> well, one of the things that happen in washington is you're in these green rooms all the time and i don't agree with him on anything, but he's a terrific guy. >> i saw a parity and ann coulter and al sharpton got off appearing on some show and they high fived each other in the green room and they were calling each other honey and what's our next gig, where is it going to be? and it was totally, hate when they're out there arguing. >> they're human beings. and it's the way washington used to work. people used to socialize together, whether they were democrats or republicans. they built an entire notion on the company that you can get democrats and republicans to work together to solve business and brand challenges. that's the key issue. >> they don't know each other. they don't socialize each other. there's a taint with doing it. let me give you an idea. we've got a fiscal cliff now. we have the fiscal abyss next ye
steve mcmahon, purple strategies. when the cameras aren't rolling, you love and respect leader armey. >> well, one of the things that happen in washington is you're in these green rooms all the time and i don't agree with him on anything, but he's a terrific guy. >> i saw a parity and ann coulter and al sharpton got off appearing on some show and they high fived each other in the green room and they were calling each other honey and what's our next gig, where is it going to be? and...
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i'm becky quick along with joe kernen and steve liesman. the november jobs report is now just about 150 minutes away. count do countdown is on. the economy probably added about 80,000 jobs last month. reuters consensus is a little higher at 93,000. the unemployment rate expected to hold steady at 7.9% and economists say the slow down in nonfarm payrolls will reflect the effect of sandy. joining us this hour is bank of america merrill lynch global research senior research economist michelle mire and we'll talk through everything that's been happening through jobs and what to expect. but first, there is a developing story. an earthquake off the northeast coast of japan triggered a tsunami warning. the warning has been lifted, but it was a 7.3 quake. so far no reports of any injuries or damage. it was for the same area devastated by an earthquake and tsunami back in march of last year. we will continue to bring you any developments. in the meantime, steve has some of the morning's top other stories. >> let's start with the markets. asian stock
i'm becky quick along with joe kernen and steve liesman. the november jobs report is now just about 150 minutes away. count do countdown is on. the economy probably added about 80,000 jobs last month. reuters consensus is a little higher at 93,000. the unemployment rate expected to hold steady at 7.9% and economists say the slow down in nonfarm payrolls will reflect the effect of sandy. joining us this hour is bank of america merrill lynch global research senior research economist michelle mire...
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Dec 20, 2012
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i don't think i've talked to steve forbes in quite awhile. steve, it's great to have you on. everybody knows who you are. a lot of people, you know, since november 6th. there's usually seven stages that happen to people. shock and denial and then there's a lot of pain, usually, then there's some anger, there's blame, there's depression is usually number four. but eventually, there's reconstruction, and then finally acceptance and hope. and i'm just wondering where you are in this stage right now, because i'm going to posit something to you. john roberts threw obama care back to the american public, said it's up to you. it's going to be the law of the land now. it's more of entitlement. it's going to be a huge, additional entitlement. all these other entitlements you could argue that people want these. and that if we're going to keep these, we're not paying for them now, even if we cut back on them, we're still not paying for them. so we need to pay for them, the election decided that. no? >> the election decided was the public doesn't know where this country should go. >> you
i don't think i've talked to steve forbes in quite awhile. steve, it's great to have you on. everybody knows who you are. a lot of people, you know, since november 6th. there's usually seven stages that happen to people. shock and denial and then there's a lot of pain, usually, then there's some anger, there's blame, there's depression is usually number four. but eventually, there's reconstruction, and then finally acceptance and hope. and i'm just wondering where you are in this stage right...
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cnbc's steve liesman joins us now with more. you could have been, steve, oh, you're going to do it actually. on any of the previous discussions that we've had. you could have been here and i would have valued your input. but what we finally decided was, either -- >> ten years. >> took ten years to do that. >> yeah, yeah, yeah. what we finally decided was that, whether andrew's right with this reinhart rogue off, the financial crisis was so deep, or whether i'm right that a lot of government policies with regulation, and uncertainty, whether one of us is right about the economy, just not -- >> somewhere in the middle. >> both right in the middle. but we still need training wheels and bernanke is all too willing to have those training wheels on indefinitely. >> well, first of all from bernanke's point of view he has this zero interest rate policy. he cannot set policy below zero. he has this problem. what is the appropriate policy for the economy and the way it is given -- >> given his duel mandates. we've got to change the dual m
cnbc's steve liesman joins us now with more. you could have been, steve, oh, you're going to do it actually. on any of the previous discussions that we've had. you could have been here and i would have valued your input. but what we finally decided was, either -- >> ten years. >> took ten years to do that. >> yeah, yeah, yeah. what we finally decided was that, whether andrew's right with this reinhart rogue off, the financial crisis was so deep, or whether i'm right that a lot...
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. >> tim geithner told steve liesman. >> i have it ready. >> that he is we should show it multiple times. >> tt is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest -- remember, it's only 2%. and all of those americans get a tax cut on the framework of the first $250,000 of their income. >> yeah, yeah, you still get the 250, andrew. they love that. what does oh, absolutely mean, bob? >> maybe it means his favorite movie was "rebel without a cause." >> go the. >> i guess it's letting the other side know you're willing to go eyeball to eyeball with something that is terrible. >> i see both sides pretending to say, yeah, we're doing all we can, but it's almost just like this -- like boehner just said, hey, you guys, you happen, in the democratic-controlled senate, you put a bill together. i'd love to consider it. he can't get his guys to consider a democratic bill. >> as long as they feel like they can blame the other guy, they feel they have cover. this is
. >> tim geithner told steve liesman. >> i have it ready. >> that he is we should show it multiple times. >> tt is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest -- remember, it's only 2%. and all of those americans get a tax cut on the framework of the first $250,000 of their income. >> yeah, yeah, you still get the 250,...
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steve liesman joins us with the results there cnbc's latest fed survey. steve? can you make it any better? >> i don't know about that. what we have, andrew, is overwhelming support from our -- or expectation from our respondents, 48 respondents, economists, wall street strategists, and analysts, that the fed will replace twist with outright asset purchases. disagreement on how they'll do it and increasing concern about all these purchases and the effect on the market. let's start off with the disagreement about how they're going to do it. we asked people, will the fed purchase only treasuries when it replaces operation twist? or will it purchase treasuries and mortgages? you can see that they're about split on this. unclear what chairman bernanke is going to announce tomorrow. now, how about how much qe? they're pretty united on that. this is what we call distributions. the percentage of respondents answering which number. you can see pretty much the biggest priority, 35% at $85 billion. so that's $40 billion that they're doing already and then replacing twist w
steve liesman joins us with the results there cnbc's latest fed survey. steve? can you make it any better? >> i don't know about that. what we have, andrew, is overwhelming support from our -- or expectation from our respondents, 48 respondents, economists, wall street strategists, and analysts, that the fed will replace twist with outright asset purchases. disagreement on how they'll do it and increasing concern about all these purchases and the effect on the market. let's start off with...
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steve liesman might. he joins us now with the latest. >> but, but -- >> the market's not down because it didn't pass. because it was never going anywhere anyway. it's down because what it says about the negotiation. >> just total dysfunction. i think that's exactly right. that's what my report really says. both the white house and the gop is that no one expected plan "b" to fail. >> right. >> so what i could tell from being on the phone last night is that neither side at the moment has a game plan for the post-plan "b" failure world. late afternoon yesterday, white house officials were trying to game out the world after plan "b" passed. and i had some discussions with the folks about where they might go from here. asked what the next steps were after plan "b" failed later in the evening, a white house source only responded, quote, it is all a mystery. it seems now that the president has changed his goal to only a tax deal for those making $250,000 and below. which by the way was the deal, was what he want
steve liesman might. he joins us now with the latest. >> but, but -- >> the market's not down because it didn't pass. because it was never going anywhere anyway. it's down because what it says about the negotiation. >> just total dysfunction. i think that's exactly right. that's what my report really says. both the white house and the gop is that no one expected plan "b" to fail. >> right. >> so what i could tell from being on the phone last night is that...
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those are my predictions for 2013. >> those were steve's predictions. now let's get some more market predictions from our 2013 next guest, joining us now larry mcdonald, new edge senior vice president, and a guy who saw the bubble coming. loved your book. you know that. good to see you, larry. how are you? >> hey, andrew. thanks very much. >> so what do you think? give it to us straight here. >> well, i think joe's had it right for most of the last week. this debt ceiling issue is literally like an optionality impact on the market. so in other words, the president had a chance, the speaker offered the president a one-year extension on the debt ceiling, as well as tax increases above 500,000. those are two colossal gives. in return, the bottom, bottom line is, you can't talk about ten years. the president did not offer any meaningful cuts in medicare in 2013, in 2014, so you have all of these newly elected 2010 house of representatives, the gop took 61 seats, the most since 1938. so you have all these new, newly elected representatives, that really boehn
those are my predictions for 2013. >> those were steve's predictions. now let's get some more market predictions from our 2013 next guest, joining us now larry mcdonald, new edge senior vice president, and a guy who saw the bubble coming. loved your book. you know that. good to see you, larry. how are you? >> hey, andrew. thanks very much. >> so what do you think? give it to us straight here. >> well, i think joe's had it right for most of the last week. this debt...
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i mean, where are you on this, rick -- or, i'm sorry, steve? >> interesting. >> i'm just -- no, that i called you rick? no, because of rick perry. but i think that's what you're alluding to. >> yeah. >> was it that one that you wanted to get rid of the department of education? >> the role -- >> i like the idea of giving it down to the states. >> the idea that a department of education in washington, d.c., should be making decisions for each of the states is just ludicrous, you know, from a constitutional standpoint, it just is not functional. >> when was it is, 1980? i mean, it's a relatively recent addition that has swallowed up democracy. >> the money that comes and creates more bureaucracy and then they try to dictate to the states, here, race to the top's a good example of it. we tell them, you know, with all due respect, we don't want to participate in race to the top. because we asked them, well, can we take a look at the national standards that you want to put in place and can we see the tests? well, those aren't done yet. not unlike the
i mean, where are you on this, rick -- or, i'm sorry, steve? >> interesting. >> i'm just -- no, that i called you rick? no, because of rick perry. but i think that's what you're alluding to. >> yeah. >> was it that one that you wanted to get rid of the department of education? >> the role -- >> i like the idea of giving it down to the states. >> the idea that a department of education in washington, d.c., should be making decisions for each of the...
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steve, good morning. >> good morning, becky. thanks. the stronger than expected jobs were not making believers of many economists. they continue to expect weak fourth quarter growth after that number came in at 146,000 with an expectation of around 85,000. fourth quarter growth estimates range from a low of below a half a point, 0.4%. that coming from morgan stanley. the high from what i could gather this morning, 1.5% at jpmorgan. remember that third quarter growth was 2.7 pfrs. a lot of this, though, is going to be inventories. suggesting the growth back drop a little bit stronger than what the number might imply. but the declining unemployment rate fell 0.2 to 7.7% complicates the job for the fed which is expected to place operation twist, where it sells short-term securities and buys long-term ones, with just outright asset purchases on the long end. here's the fed forecast for the fourth quarter. notice the actual there, at 7.7%. it's now at -- the forecast for the end of this year,.1%. it's now averaging you can see there on the l
steve, good morning. >> good morning, becky. thanks. the stronger than expected jobs were not making believers of many economists. they continue to expect weak fourth quarter growth after that number came in at 146,000 with an expectation of around 85,000. fourth quarter growth estimates range from a low of below a half a point, 0.4%. that coming from morgan stanley. the high from what i could gather this morning, 1.5% at jpmorgan. remember that third quarter growth was 2.7 pfrs. a lot of...
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and how ironic. >> in volcker's place, that's right. >> steve, thank you for this. appreciate it. bringing us some extra fed news this morning. let's talk about some other headlines this morning. we're going to get another fresh batch of economic data in just about an hour. the november consumer price index expected to show a drop of 0.2%. core rate which excludes food and energy is seen rising 0.2%. later this morning, we can get november industrial production figures. also greek leaders are proposing a new tax reform bill with a top tax rate of 42%. that would hit people making more than 42,000 euros a year. the equivalent of about $55,000. the current top tax rate in greece is 45% for those earning more than 100,000 euros. finally, business sentiment in europe is slumping in part due to economic uncertainty ahead of this weekend's election. the bank of japan sentiment index dropping to minus 12 from minus 3 in the prior quarter. that was a bigger drop than economists were expecting. mr. kernen? >> all right. getting all these things. so you like he's like bloomberg? no 16 ounce
and how ironic. >> in volcker's place, that's right. >> steve, thank you for this. appreciate it. bringing us some extra fed news this morning. let's talk about some other headlines this morning. we're going to get another fresh batch of economic data in just about an hour. the november consumer price index expected to show a drop of 0.2%. core rate which excludes food and energy is seen rising 0.2%. later this morning, we can get november industrial production figures. also greek...